WEF meet sees high-profile exits even before start

From India, industrialist Kumar Mangalam Birla will not be attending the meet, despite his initial confirmation. Besides, his compatriots Chanda kochhar and Anand Mahindra had already decided to skip this year's WEF annual extravaganza despite being regulars here for the many past years.

The Geneva-based WEF would host its 44th Annual Meeting here beginning tomorrow, wherein more than 2,500 leaders from across the world including 40 heads of government are expected to indulge in a high-profile talk fest for five days.

Ahead of the gathering of political and business leaders in the Swiss resort of Davos, the public relations firm Edelman found that only 44 percent of university-educated people participating in the survey trusted government, down 4 percentage points from the previous year. As recently as 2011, trust in politicians stood at 52 percent.

A suicide bomber killed 10 people in a crowded market on Monday near the Pakistani army headquarters in the city of Rawalpindi, not far from the capital Islamabad, police said.

Pakistan Prime Minister Nawaz Sharif today cancelled his visit to Davos in Switzerland to attend the World Economic Forum in the wake of a spike in terror attacks, including a bombing that killed 22 Pakistani troops.

Karnataka Chief Minister Siddaramaiah will leave for China today to participate in the seventh World Economic Forum (WEF) at Dalian in the northeastern Liaoning province.

Swiss banks are selling a new safe-haven idea to the rich and mighty from India and other countries -- special accounts for holding gold bars and high-value Swiss franc notes in the safety of their cash vaults.

India needs to have a regulatory regime that is consistent and progressive in nature to find a place in the investment road map of foreign companies, global banking giant HSBC's India chief Naina Lal Kidwai has said.

Looking to expand its business and grow its financial metrics going forward, new-generation private sector banking major Yes Bank has said it is open to possible acquisitions in banking, broking and asset management businesses, even as its organic growth plans are sufficient to meet its near-term targets.

Global business conglomerate Hinduja group is planning to significantly expand presence in Africa in areas ranging from transport, infrastructure and coal, and would look to partner governments of various African countries for its new businesses in the region.

India has a big advantage over China in the global labour market, as its young and English-speaking literate workforce is much more relevant on the global level, as per leading human resource consultancy giant Manpower Group.

After having to work twice harder than its peers to get business for nearly four years since rescuing scam-hit erstwhile Satyam Computer, Mahindra Satyam said it is now ready for a new era and a stronger market position, sans the stigma attached with the 'Satyam' name.

Looking to further expand operations, Kotak Mahindra group is looking for potential acquisition targets in banking, asset management, broking and other areas of financial services sector and hopes to strike a deal thisyear.

The fragile state of the world economy, along with the relentless turmoil in Syria and the rocky fallout from the Arab Spring, dominated discussions during this year's annual gathering of the global elite at Davos, leaving many participants uneasy about what lies ahead as they left for home Sunday.

As President Barack Obama starts his second term, the world's business and political elite pines for greater American engagement to tackle a thicket of security challenges.

Unconventional lenders that have enjoyed a cozy spot while central bankers were busy trying to make banks stronger should watch out as shadow banking is coming back on to regulators' agenda.

The global economy may be in a better shape after its worst-ever crisis, but it is no time to relax, and governments as well as business leaders must persist with job creation, income and gender diversification as also to meet aspirations of the youth to keep up the growth momentum.

Terming rise in tariffs as 'bitter pill', Power Minister Jyotiraditya Scindia has said Indian power distribution companies need to reduce technical and commercial losses as well to improve financial health.

Conglomerates being considered for new banking licences in India should be asked to have systemic controls to safeguard against any contagion impact of problems in their other businesses, eminent banker Uday Kotak has said.

Dismissing concerns of high corporate debt exposures posing possible default risks to banks in India, top banker Chanda Kochhar has said loans have been mostly given for projects in investment phase and leveraging won't appear high once companies start generating cash flows.